Fortescue drops Federal Court legal blue over ex-employees’ green dreams
Andrew Forrest’s Fortescue and three ex-employees who were accused of ripping off green technology will walk away from their long and bitter court battle.
The Federal Court settlement was confirmed by Element Zero on Wednesday, with all claims in the intellectual property stoush set to be dropped.
It draws to an end a lengthy lawsuit against Bart Kolodziejczyk and Bjorn Winther-Jensen, who had had previously been accused of basing their start-up Element Zero around ionic iron processing technology developed while employed by Fortescue Future Industries.
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By continuing you agree to our Terms and Privacy Policy.“Pursuant to confidential terms of settlement, the Federal Court of Australia today made orders by consent dismissing the claims against Element Zero and its co-founders Mr Michael Masterman, Dr Bart Kolodziejczyk and Dr Bjorn Winther-Jensen,” a statement from Element Zero read.
“With no order as to costs and all previous costs orders vacated, the parties will meet their own expenses in relation to the action.”
Element Zero was founded by the former Fortescue scientists with the financial muscle of Mr Forrest’s former right hand man Michael Masterman.
Mr Masterman, now the CEO of Element Zero, said the company was “extremely pleased with the outcome” which ended “nearly two years of uncertainty”.
“We are delighted to put this episode behind us,” Mr Masterman said. “We can now focus all of our deep and capable technical resources on rapidly advancing our iron ore-to-iron technology and developing our manufacturing sites in the Pilbara heartland of Port Hedland and in the US.”
A Fortescue spokesman said: “We have reached a settlement with the parties, the terms of which are confidential. Given the confidentiality, we are unable to comment further.”
More to come.
